Top leadership failed in credit crisis

Commentary: Nice try on proposed credit solutions, but no cigar

A steady fade in the job market has renewed concern for recession — as usual, perversely good news for mortgages, again crossing below 6 percent.

Payrolls in March contracted by 80,000 jobs, and prior months’ revisions clipped another 54,000. New claims for unemployment insurance spiked by 38,000 to 407,000, the worst week since Hurricane Katrina. The purchasing managers’ surveys showed general business activity neither shrinking nor growing in March, and on a par with February.